German exports to Russia slump by 57.5% in March
Reuters
Published Apr 21, 2022 02:44AM ET
BERLIN (Reuters) - German exports to Russia slumped by 57.5% to 1.1 billion euros ($1.2 billion) in March because of sanctions imposed after the invasion of Ukraine, Germany's Federal Statistical Office said on Thursday.
That decline demoted Russia to Germany's 12th-biggest export market outside the European Union, down from fifth in February.
Russian troops invaded Ukraine in what Moscow calls a "special military operation" on Feb. 24, prompting the West to impose tough sanctions. These include export restrictions.
Overall, German exports to countries outside the European Union fell by 7.2% to 52.8 billion euros in March compared with February. However, they were 3.2% higher than in March 2021.
The United States was still the biggest export market for Germany, with goods worth 13.5 billion euros being shipped there in March, 21% more than a year earlier. Goods worth 10.2 billion euros were exported to China, 1% less than a year earlier, while exports to Britain eased by 0.3% to 6.4 billion euros.
Germany's BGA trade association said last month a survey of its members showed most expected an economic slowdown as a result of the Ukraine conflict, but that business nonetheless backed the government's sanctions against Russia.
($1 = 0.9214 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.